GR ENGINEERING SERVICES LIMITED — Investor Presentation 2025

Mar 17, 2025

GR Engineering Services Limited Investor Presentation 18 March 2025

HY25 Results

• GR Engineering Services Limited (the Group) reported HY25 revenue of $272.1 million (HY24: $187.3 million) and EBITDA of $34.5 million (HY24: $22.6 million). The Group’s EBITDA margin percentage is consistent with prior periods. Project execution levels remain high across the Group with major works continuing into the second half of FY25 and FY26.

• Strong net cashflows from operating activities of $56.1 million during the period resulted in a closing cash balance of $111.8 million at 31 December 2024.

• Engineering, design and construction works are continuing on key projects including the Mungari Future Growth Project, Kainantu Gold Project, King of the Hills Operations Stage 1 Upgrade Project and the Woodlawn Restart Project.

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• GR Production Services (GRPS) has been able to successfully increase its revenue and earnings visibility based on contract extensions awarded during the half year period including the Santos’ Cooper Basin and Surat Basin extensions.

• Mipac and Paradigm continued to deliver control systems, automation and digital solutions for key repeat clients around the globe such as First Quantum, BHP, Rio Tinto, Glencore Technology, Ok Tedi, Anglo American and other conglomerates.

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HY25 Results

• The Group Total Reportable Injury Frequency Rate for HY25 was 4.55.

• The Board resolved to increase the interim fully franked dividend of 10.0 cents per share (HY24 fully franked dividends: 9.0 cents per share).

• During the last six months, the Group’s shareholder base has increased from 4,360 shareholders to 4,942 shareholders.

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HY25 Results Summary

Earnings

Revenue

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$400m
$300m
$200m HY25
272.1 HY24
$100m
187.3
$0m
$40m
$30m
$20m HY25
HY24
34.5
$10m 22.6
$0m
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EBITDA

PBT

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$40m
$30m
$20m
HY25
HY24
$10m 31.8
20.7
$0m
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Balance Sheet & Cash Flow

Cash

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$120m
$90m
HY25
$60m
111.8 HY24
$30m
58.4
$0m
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Net Assets

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$80m
$60m
$40m HY25 HY24
73.0
$20m 58.3
$0m
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Dividends (Fully Franked)*

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20cps
15cps
10cps
HY25 HY24
5cps
10.0 9.0
0cps
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• Represents interim dividend

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Balance Sheet and Cashflows

• Strong balance sheet maintained at 31 December 2024.

• At 31 December 2024, the Group held a net cash balance of $111.8 million (30 June 2024: $74.6 million). Borrowings was nil.

• During HY25, the business paid out $16.7 million (HY24: $16.5 million) in fully franked dividends to shareholders.

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• The Group has significant headroom in its combined bank guarantee and bonding facilities.

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Mineral Processing

• GR Engineering’s design and construction order book of current work includes:

Company	Project	Type	($’m)
Evolution Mining Limited	Mungari Future Growth Project	EPC	155
Vault Minerals Limited	King of the Hills Operations Stage 1 Upgrade	EPC	75
K92 Mining Ltd	Kainantu Gold Mine – 1.2 Mtpa Process Plant	EPC	USD81
Develop Global Limited	Woodlawn Restart Project	EPC	26

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• In addition to the above ongoing projects, GR Engineering is currently engaged on 30 studies across a broad range of commodities for projects in Australia and abroad.

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Energy – GR Production Services

• GR Production Services (GRPS) generates longer term operations and maintenance (O&M) services revenue alongside project work.

• GRPS’s contracted pipeline includes, but is not limited, to the following key projects:

Company	Project	Start date*	Estimated $’m per annum
QPM Energy	Moranbah Gas Plant – O&M	2023	25
Santos Ltd	Surat Basin – maintenance	2021	15
Santos Ltd	Cooper Basin – maintenance	2023	12
INPEX	Icthys LNG Project – O&M	2023	12
Eni Australia	Blacktip Gas Field – O&M	2022	10
Senex	Construction, mechanical & electrical services	2022	7
Chevron	Gorgon and Wheatstone Projects – O&M	2022	2
Mitsui E&P	Waitsia Project – O&M	2024	2

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*Contract terms vary between one to five years (excluding options)

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Process Controls – Mipac and Paradigm

• Mipac and Paradigm are leading providers of controls systems, operational technology and engineering services primarily in the mineral processing, energy and water industries.

• During HY25, the business continued to deliver solutions for key repeat clients such as First Quantum Minerals, BHP, Glencore Technology, Rio Tinto, Anglo American, Ok Tedi and other large conglomerates.

• The business continues to operate at a high utilisation based on its strong contracted and near term pipeline of work.

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Environmental Social Governance

• As part of the Group, we:

• Support our communities, including:

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• Promote and encourage diversity in our workforce and operations. We recognise that a diverse workforce is a contributor to the business achieving its strategic objectives.

• Regularly partner with its clients on social ventures, particularly in relation to initiatives involving the regional communities in which our clients operate.

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• Favour local suppliers and supply chain ethics that are supported by our standards. The risk of modern slavery in our supply chain and operations is low.

• Maintain a proactive assessment towards potential environmental impacts. We work closely with our clients and adhere to their environmental management plans.

• Support university engineering students with scholarships and maintain an active graduate recruitment program.

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Outlook

• The Group’s contracted and near term pipeline across the group is solid and is continuing to grow. GR Engineering is currently working on a high volume of studies across a broad range of commodities and geographies.

• The Group’s strong balance sheet means that it is well capitalised to deliver its pipeline of work.

• The Group will continue to assess potential strategic growth opportunities that provide scale, diversity and technical expertise to the business.

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Corporate Profile

Capital Structure

Shares on issue m 167.3 Share price (GNG.ASX) (17 Mar 2025) $ 2.79 Market Capitalisation $m 466.8 Cash (31 Dec 2024) $m 111.8 Debt (31 Dec 2024) $m 0 Enterprise Value $m 355.0

Directors & Management

Phillip Lockyer Non-Executive Chairman Tony Patrizi Managing Director Peter Hood Non-Executive Director Joe Totaro Non-Executive Director Deb Morrow Non-Executive Director Omesh Motiwalla Chief Financial Officer

Share Price History

Register Analysis

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3.50 1,600,000
3.00
2.50 1,200,000
2.00
800,000
1.50
1.00
400,000
0.50
0.00 0
Share Price Volume
31.0%
59.0%
10.0%
Directors & Snr Mgmnt Institutions Retail
Mar 2024 Apr 2024 May 2024 Jun 2024 Jul 2024 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024 Jan 2025 Feb 2025
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Contact Details & Key Locations

Tony Patrizi

Managing Director

• +61 8 6272 6000

• tony.patrizi@gres.com.au

Omesh Motiwalla

CFO & Company Secretary

• +61 8 6272 6000

• omesh.motiwalla@gres.com.au

GR Engineering

71 Daly Street Ascot WA 6104  +61 8 6272 6000

Level 11, 99 St Georges Terrace Perth WA 6000  +61 8 6272 6000

GR Production Services

Level 38, 111 Eagle Street Brisbane QLD 4064  +61 7 3838 8000

Level 38, 111 Eagle Street Brisbane QLD 4064  +61 7 3838 8000

7225 N Oracle Rd, Suite 202 Tucson, Arizona USA 85704  +1 520 326 0062

Level 10, 99 St Georges Terrace Perth WA 6000  +61 8 6109 4000

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Mipac / Paradigm

Level 4, East Tower 410 Ann Street Brisbane QLD 4000  +61 7 3212 5600

Level 3, 195 Great Eastern Highway Belmont WA 6104  +61 8 6424 9900

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Disclaimer

RELIANCE ON THIRD PARTY INFORMATION

This presentation may contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. No responsibility, warranty or liability is accepted by GR Engineering Services Limited ( Company ), its officers, employees, agents or contractors for any errors, misstatements in or omissions from this presentation.

PRESENTATION IS A SUMMARY ONLY

This presentation is information in a summary form only and does not purport to be complete. It should be read in conjunction with the financial report for the half year ended 31 December 2024. Any information or opinions expressed in this presentation are subject to change without notice and the Company is not under any obligation to update or keep current the information contained within this presentation.

NO OFFER OF SECURITIES

Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell Company securities in any jurisdiction.

FORWARD LOOKING STATEMENTS

This presentation may include forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, these statements are not guarantees or predictions of future performance, and involve both known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. As a result, actual results or developments may differ materially from those expressed in the statements contained in this presentation. Investors are cautioned that statements contained in this presentation are not guarantees or projections of future performance and actual results or developments may differ materially from those projected in forward-looking statements.

DISCLOSURE OF NON- IFRS FINANCIAL INFORMATION

Throughout this presentation, there are occasions where financial information is presented not in accordance with accounting standards. There are a number of reasons why the Company has chosen to do this including to maintain a consistency of disclosure across reporting periods

ROUNDING

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided.

NOT INVESTMENT ADVICE

This presentation is not intended and should not be considered to be the giving of investment advice by the Company or any of its shareholders, Directors, officers, agents, employees or advisers. The information provided in this presentation has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each party to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary.

NO LIABILITY

To the maximum extent permitted by law, neither the Company nor its related bodies corporate, Directors, employees or agents, nor any other person, accepts any liability, including without limitation any liability arising from fault or negligence, for any direct, indirect or consequential loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

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